Deals
Trump Hotel Toronto Nears Auction After Default by Developer
- JCF Capital, which recently acquired loan on tower, seeks sale
- Building has been subject to investor lawsuits, protests
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Investors who want a piece of the Trump name may now have their chance. The Trump International Hotel & Tower in Toronto is likely to hit the market as the owner of debt on the property seeks a sale.
JCF Capital ULC, a closely held firm, recently bought the construction loan on the 65-story hotel and condominium building, and claims developer Talon International Inc. and related companies defaulted on making payments since last year. JCF Capital is seeking a court-supervised sales process for the property to recoup the outstanding C$301 million ($225 million) on the debt, according to court filings made Tuesday under Canada’s bankruptcy and insolvency act.